Sales of existing homes in October were down 3.4 percent. The National Association of Realtors called the monthly existing home sales report "disturbing" as the year-over-year sales were only up 3.9 percent, the lowest yearly comparison since January.
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The lack of homes on the market was the biggest factor holding down sales. Though supply was up slightly to a 4.8 month supply from September, a 6 month supply is considered a balanced market and supply was at 5.2 in October 2014.
Home pricing was also down in October by 0.9 percent to a median of $219,600. Year-over-year the median is up 5.8 percent.
Consumer confidence took a big dip in November, falling to 90.4 versus a revised 99.1 in October. Lack of confidence in the job market caused consumer confidence to dive to its lowest since September 2014. The expectations component fell more than 10 points with less consumers seeing jobs opening up in the next 6 months.
Last week in the economy:
- Third-quarter GDP was revised to an annualized plus 2.1 percent, up 6 tenths from initial estimates.
- MBA Mortgage Applications settled in the November 20 week with purchase applications down 1 percent and refinancing applications down 5 percent. Year-over-year purchase applications are up 24 percent.
- New Home Sales came in near expectations for October at a 495,000 annualized rate. Though a 10.7 percent gain was seen for the month, it was not enough to minimize September's 12.9 percent plunge. Year-over-year new home sales are up a respectable 4.9 percent.
- Initial Jobless Claims fell 12,000 in the November 21 week, pointing to strength for November's employment report.
- Consumer Sentiment fell back in the last half of November to 91.3. Weakness stems from the expectations component.
What's on the economic calendar for the week of November 30, 2015:
- Monday: Pending Home Sales
- Wednesday: ADP Employment Report and MBA Mortgage Applications
- Thursday: Jobless Claims
- Friday: Employment Situation
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